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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the latest in equities, property investing and super.

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Steve Waters, director of Right Property Group, chats about the subdued April price growth and how prices are predicted to move for the remainder of the year.

RMIT’s senior lecturer of finance, Dr Angel Zhong, talks about the Biden climate summit and impacts on the Australian sharemarket, as well as the possibility of a carbon border tax and what it means.

And lastly, tax and super guru Timothy Munro gives his thoughts on the overhaul of the superannuation performance test and the upcoming budget.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Retirement

The big misunderstandings about credit score damage

By Cameron Micallef

July 12 2019
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Retirement

The big misunderstandings about credit score damage

By Cameron Micallef
July 12 2019

Despite money and finances being a top concern for Australian investors, most are unaware of the impacts late payments have on their personal credit score, according to new research.

The big misunderstandings about credit score damage

By Cameron Micallef

July 12 2019
Share

Despite money and finances being a top concern for Australian investors, most are unaware of the impacts late payments have on their personal credit score, according to new research.

Results from Experian reveals that 97 per cent of Australians are unaware of how damaging late payments are to credit scores.

Speaking with nestegg, ANZ general manager for credit services Tristan Taylor said he believes there is a misunderstanding about consumer awareness.

“Fifty-six per cent of people know there will be an impact, while 97 per cent of people misunderstand how big the impact could be,” he said.

“What we’ve seen in the research is that your score could be impacted by up to 22 per cent in some cases if you miss one payment, but most people think it is far lower,” said Mr Taylor.

The drop increases to 26 per cent with two missed credit card repayments and 42 per cent for those with three or more missed credit card repayments in the last three months.

Flow-on effects

Credit reports are an instrument that banks use to help determine the risk a consumer is to the banks when repaying the debt.

The lower the credit score, the less likely a bank will provide credit. And if they do, it can potentially be at a higher cost.

“Those are a tool to gain credits and particularly gain the best credit you can find, something that is appropriate for you and at good rates,” said Mr Taylor.

“So, by having an impact on your credit score that, amongst other things, could have an impact on the type of credits and the flexibility of that credit,” said Mr Taylor.

Costs of getting a credit report

Mr Taylor reveals that due to current Australian legislation, getting a credit report is easy and affordable for any Australians.

“It doesn’t cost you in monetary terms. You can get it for free and it does not impact your score to view it,” said Mr Taylor.

This email address is being protected from spambots. You need JavaScript enabled to view it.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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